§ 883.602 The contract.
(a) Contract. The Housing Assistance Payments Contract sets forth rights and duties of the owner and State Agency with respect to the project and the Housing Assistance payments.
(b) Housing Assistance Payments to Owners under the Contract. The Housing Assistance Payments made under the Contract are:
(1) Payments to the owner to assist eligible families leasing assisted units, and
(2) Payments to the owner for vacant assisted units (“vacancy payments”) if the conditions specified in § 880.611 of this chapter are satisfied.
The housing assistance payments are made monthly by the State Agency upon proper requisition by the owner, except payments for vacancies of more than 60 days, which are made semi-annually by the Agency upon proper requisition by the owner.